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"[Mail.ru] has always stressed that
we won't keep our finance surpluses [sitting] in the accounts after we get rid
of non-core assets," said Dmitry Grishin, CEO of Mail.Ru Group.

Mail.ru has raised an estimated $1.3
billion to $1.5 billion from selling non-core assets including Facebook shares,
assets of the Zynga online game producer and the Groupon coupon service. Mail.ru
paid out $795 million of dividends in 2012 after the selloff of its Facebook shares.

Mail.ru Group's decision to use its
surplus capital for dividend payments indicates that the company doesn't see
any mergers or acquisitions targets on the horizon that would require a war
chest, analysts said.

"Mail.Ru Group had planned to
increase its share in [Russia's
largest social network] VKontakte," said Alexander Vengranovich, an analyst
with Moscow
investment bank Otkritie. "But they are likely to fail to come to any
agreement."

Mail.Ru Group shares in London rose 4.27 percent on Tuesday on the
news, rising to $36.90.